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Half of AMI members at least at implementation stage of TCF

Nearly half of Association of Mortgage Intermediaries’ members say they are at least at the implementation stage of complying with the FSA’s Treating Customers Fairly regime.
The FSA has set a March deadline for firms to have implemented TCF in a significant part of their business and 85 per cent of members say they are confident of meeting it.
19 per cent say they are already at the embedded stage while a further 29 per cent say they were implementing TCF.
20 per cent say they are at the strategy and planning stage and 27 per cent say they are aware of TCF.
AMI associate director Rob Griffiths says: “Firms must actively engage in the TCF process and, for those firms who are only at the ‘awareness’ stage, a review and gap analysis must be carried out. The FSA want to see actions and changes made following a review.
It also wants senior management to drive the initiative and empower staff to bring about any necessary improvements. The FSA has already stated that those who have not engaged with TCF are more likely to face enforcement action, be it undertaken against the firm itself or individuals.”


Baigrie focuses on Lifesearch

Baigrie Davies has appointed a new managing director to replace Tom Baigrie, who will continue to oversee the adviser firm but will concentrate on the day-to-day running of sister firm Lifesearch.Head of financial planning at Baigrie Davies, Ian Howe, will take up the role, reporting to Baigrie.Baigrie Davies is set to launch a new wrap […]

1,200 Claim-chasers seek authorisation

The Department for Constitutional Affairs has received almost 1,200 applications from claim-chasers ahead of its regulation of the sector, with a significant number of firms applying to work in financial services.The deadline for ensuring firms are authorised by April, when regulation starts, passed last week, by which time the DCA had received 1,176 applications.A DCA […]

Brokers advised not to take on employed self-cert clients

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Is Treasury turning?

Brokers and providers that offered pension term assurance have been in suspended animation since the pre-Budget report crippled the product.Yet the latest rumblings from the Treasury suggest that PTA may not be facing extinction.It is understood to be consulting over proposals to allow people to take out PTA if they self-certify that they have some […]

Benefits of using a probate bare trust

Have you ever wondered what happens to someone’s investment bond on their death if it is not written in trust? When someone dies it is essential to deal with their estate, which can be made up of their home, belongings, investment bonds and anything else they may have owned. But, it is not as simple […]


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